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Thread: "Lloyd's of London sees 'large loss' due to Suez Canal blockage"

  1. #1

    Default "Lloyd's of London sees 'large loss' due to Suez Canal blockage"

    "LONDON (Reuters) - The blockage of the Suez Canal for nearly a week will result in a "large loss" for Lloyd's of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.

    The Canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray.

    Bruce Carnegie-Brown told Reuters it was too early to estimate the exact loss, but "it's clearly going to be a large loss, not just for the vessel but for all of the other vessels that were trapped and unable to get through".

    He added this could mean a loss for Lloyd's of around $100 million or more.
    What's the Frequency, Kenneth?


  2. #2


    I work with the London insurance market frequently. $100M loss isn't a huge deal. Although we are currently in the hardest casualty market in decades. It's been a very interesting 2 years.

    Side note, Lloyd's is run on handshakes and most deals are documented on bar napkins.

  3. #3


    Suez Canal blockage: Captain of Ever Given not aiding probe; calamity's cost tops $1B

    Rabei said the ship's captain has yet to respond to several demands by the canal authority, including surrender of the black box and documents sought for the investigation.

    Grounded cargo ship Ever Given freed in Suez Canal: 'We pulled it off!'

    Ever Given will not be allowed to continue on it journey to the Dutch city of Rotterdam until the probe is completed, Rabei added.
    What's the Frequency, Kenneth?


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